Bill Would Help Address Disparities in Access to Capital for Rural Small Businesses

WASHINGTON, [1.13.22] – Today, U.S. Senators Tina Smith (D-Minn.) and John Kennedy (R-La.) introduced bipartisan legislation that would help grow rural small businesses and their local economies.

“Access to capital is essential to the economic health and growth of rural communities in Minnesota and across the country,” said Sen. Smith. “Rural small businesses often face disproportionate obstacles when trying to secure capital to develop and grow their businesses. This legislation would help rural small businesses overcome these hurdles and strengthen our rural economies.”

“Louisiana’s small business owners create jobs and strengthen rural economies,” said Sen. Kennedy. “This bill takes a key step in overcoming the hurdles small businesses face in getting the capital they need to pay their bills, make payroll and meet needs in their communities.”

Access to capital is critical for starting and expanding rural small businesses, which often face a disproportionate number of obstacles when seeking capital investment. This bipartisan legislation, the Expanding Access to Capital for Rural Job Creators Act, would require a key federal agency to submit annual reports on the unique challenges small businesses in rural areas face when trying to secure capital. The report would outline roadblocks and identify solutions to ensure rural small businesses, and the local economies they support, are able to develop and grow.

Text of the Expanding Access to Capital for Rural Job Creators Act is available here.